WS Montanaro UK Income Fund
The Fund aims to achieve growth in income and capital over any five-year period by investing at least 60% of its assets in the shares of small and medium sized UK companies that have a maximum market capitalisation of £10 billion.
The full investment objective and policy for the Fund is stated in the Fund’s prospectus.
The Fund is domiciled in the UK.
Why Small & MidCap for income?
We believe that every investment portfolio should have some exposure to SmallCap, primarily owing to:
- The ‘SmallCap Effect’ – the proven long-term outperformance of smaller and mid-sized companies versus their LargeCap peers*
- Higher dividend growth relative to LargeCap
- Huge choice of companies - many family-owned businesses
- Under-researched, making for an inefficient market ripe with opportunity for those who invest in thorough analysis
- Portfolio diversification - helping to lower portfolio risk
*Source: see research from Dimson & Marsh
Ratings
The Fund has been rated by RSMR
Fund managers
Lead Fund Manager
Guido Dacie-Lombardo
Professional
Guido graduated from the University of Cambridge in 2008 with an MSci in Experimental & Theoretical Physics. He joined Rothschild in London where he advised UK and European clients on mergers and acquisitions, as well as a range of general corporate finance issues.
After six years with Rothschild, Guido joined Montanaro in 2015 as an analyst covering the Software, IT Services and Electronic Equipment sectors. He is the lead manager of both the Montanaro UK Income Fund and the Montanaro Global Innovation Fund.
Guido joined Montanaro in 2015.
Qualifications
- MSci in Experimental & Theoretical Physics, University of Cambridge (2008)
- Bilingual in English and Italian
- Chartered Financial Analyst (CFA)
Personal
In his spare time, Guido relaxes by playing the piano, trying to compose music or cooking a new dish. If he’s feeling more energetic he can be found on the golf course or the ski slopes, and he enjoys playing snooker, squash and football. Guido also loves packing his weekend bag to explore the English countryside or a European city, particularly when combined with tasty local food. When he has the time for longer breaks, he explores further afield – most recently a three-week trip to Japan to experience the beautiful autumnal foliage (and of course the wonderfully varied and delicious food!).
Back-Up Fund Manager
Charles Montanaro
Professional
Charles graduated with an honours degree in Anthropology from Durham University in 1976. He spent four years in industry before joining Merrill Lynch in 1980 as a private client broker in London. He joined Dean Witter Reynolds in 1984 and Drexel Burnham Lambert in 1987 as a Senior Vice President where, in both cases, he was their top institutional broker in the UK, joining the high-yield bond department in 1989. In 1990, Charles joined MMG Patricof (now Apax Partners) as a Director of investment banking working with UK private and public smaller companies.
In August 1991, he founded Montanaro to specialise in analysing and investing in quoted European smaller companies on behalf of leading institutions. He has since launched and managed several funds and established a strong track record. In addition, he has served on the Boards of two public smaller companies. He was appointed a Director of the Montanaro European Smaller Companies plc on 12 January 2012.
Qualifications
- BA (Hons) Anthropology, Durham University (1976)
Personal
Charles, with his inexhaustible supply of energy, is rooting for Arsenal when he isn't motivating his own team.
A pity his enthusiastic approach doesn't work with fish. Despite numerous attempts, he has yet to catch a trout, let alone a salmon. Although he did catch a piranha during his first trip up the Amazon and is now known as "the white Huaorani" following his second adventure in search of undiscovered tribes in the jungles of Ecuador.
Having survived his first London marathon in a vain attempt to get fit, he spent time in the jungles of Papua with the stone-age Korowai and Kombai who had not seen a white man before. Although practising cannibals, he was clearly too tough for their taste and survived the adventure – narrowly avoiding a native attempting to shoot his bow and arrow first and ask questions later…
In search of truly undiscovered people, he was temporarily kidnapped in Mamberamo by an unknown tribe where he found that not all natives are friendly. Undeterred, he went hunting with the Yanomami in Venezuela and the Embera of Panama at the end of 2007 where he got eaten alive by mosquitos and nasty little nigwas and leeches. In 2008, with his wife to be Jane, he tried his hand at climbing steep hills firstly in Kashmir and then in Bhutan where he met the new King before climbing 18,000 feet to see what altitude sickness felt like. An unexpected 40 kilometre hike in the snow (abandoned by a guide who was lost) nearly ended badly.
He survived running the Bulls of Pamplona as a pre-cursor to further exploits among indigenous tribes. These included walking safaris with the San people in Botswana and fishing with Australian aborigines. A return trip in 2009 to the jungles of Irian Jaya (the Korowai) saw him going native and returning with a stick through his nose - much to the disapproval of his wife (since removed – the stick that is). In 2011, Charles explored the jungles of Sumatra with the Mentawai.
In 2013, Charles founded and largely funded Tribal Survival, a charity aimed at improving the lives of indigenous people living in remote jungles by providing access to Western doctors and medicine. In 2014, a five-year programme was initiated with the assistance of the World Health Organisation to eradicate Lymphatic Filariasis (elephantiasis) among the Korowai.
For a change, Charles chose to spend time with indigenous people living in colder climates. In 2017, he spent a fortnight hunting on dog sleds with a remote community of Inuit in Kulusuk (Greenland). 2018 saw him living with the Nenet, reindeer herdsmen in Yamal (North West Siberia). In both cases, temperatures below minus 30 - 40 degrees were not uncommon and hairs in his nostrils froze.
November 2019 saw a return to the Korowai of West Papua where humidity was almost 100 degrees. Not sure which is worse. Once again, he returned with a stick through his nose but also an earring - his wife even less impressed. Where to next?
Fund documents
Factsheets
- November 2024
- October 2024
- September 2024
- August 2024
- July 2024
- June 2024
- May 2024
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
Prospectus
Application Form
Additional Investor Information Document
Coverall Renunciation and Transfer of Title
SDR Consumer Facing Disclosure
Historical Fund Changes
Contact our sales team
Professional
Harry joined Montanaro in 2018 after graduating from the University of Exeter with a degree in Geography in 2018.
He spent three months in Myanmar working for Aequitas Holdings as a Management Intern which consisted of on the ground research into new business ventures for Aequitas. Harry also interned at Velocity Trade where he gained experience of Sell side sales and trading.
Harry is part of the Business Development team at Montanaro covering Wealth Managers across the UK.
Qualifications
- BA (Hons) in Geography - University of Exeter (2018)
Personal
In his spare time Harry is an avid sportsman. He can be found regularly on the golf course, playing cricket for his local team in Kent, or watching Harlequins RFC at the stoop in Twickenham.
Professional
Dan graduated with a History degree from the University of Manchester in 2013. He soon moved to London and started his career in the investment industry working for Henderson Global Investors. After this, he joined Jupiter Asset Management to work in the sales team, covering IFA’s in the Midlands, South West and East Anglia.
Dan joined Montanaro in 2022 as an Investment Sales Manager and is responsible for clients within the Midlands and South West.
Qualifications
- BA (Hons) in History - University of Manchester (2013)
Personal
Dan grew up in Wolverhampton, so no surprise his childhood dream was to play in the old gold of Wolverhampton Wanderers. Instead, you will now find him watching the game or playing 5 a side football with friends when he can.
Dan enjoys spending time outdoors and occasionally signs up for fitness challenges, most of which were great excuses to travel. He has completed the Rome marathon, a standard distance triathlon in London and half-Ironman triathlon in The New Forest, and a long-distance trail race around Lake Como. With the full Ironman too much of an ask, these days he prefers the calmness of a golf course, although has a lot of work to do to bring his handicap down.
Professional
Christian graduated from the University of Grenoble in 1981, where he studied Politics & Law. His research on Scottish politics took him to Scotland where, in 1986, he joined Martin Currie Investment Management as an Investment Manager covering Europe and Asia. In 1988 he joined British Linen Bank, part of the Bank of Scotland Group, where he was in charge of European investments.
In 1990, Christian joined Edinburgh Fund Managers ("EFM") where he was responsible for managing the European Unit Trust and marketing in Canada and the US. After eight years at EFM, in 1998 Christian joined Kempen Capital Management (UK) where he was involved in the marketing and management of their SRI funds and also with marketing in Europe and Canada.
Christian is trilingual in French, English and Spanish.
Christian joined Montanaro in July 2006 and became Head of Client Relationship Management in 2011.
Christian has responsibility for Scotland, Belgium, France, Luxembourg, the Netherlands, Spain and Switzerland.
Qualifications
- Politics & Law degree, University of Grenoble (1981)
- Fluent in French, English and Spanish
Personal
As a fund manager, Christian sometimes took contrarian views. This may be why he left the South of France to move to cold and wet Scotland. Christian speaks French and Spanish and on moving to Scotland, even took (and passed!) an O-Grade in Gaelic.
He likes French and Italian wines and is currently learning Italian so he can visit the various producers during his holidays. For some years now, Christian has imported his favourite wines and champagne into the UK and he is often asked to present them at tasting sessions. His other great interests are Scottish history, literature, cinema and running (when the Scottish weather is not too bad). He also spends some time serving the French community in Scotland as an elected councillor.
He plans to go to the Gaelic college in Skye to improve his Gaelic. He loves the West coast of Scotland, one of the most beautiful parts of the world, when it does not rain and there are no midges!
Professional
Chris graduated from Sheffield Hallam University with a degree in Banking & Financial Management in 2013. Born and bred in Manchester, Chris quickly made the move to London to embark on a career in Asset Management, joining Neuberger Berman as Performance & Risk Analyst.
It didn’t take long for Chris to decide he wanted to work in distribution and in 2014 joined Goldman Sachs Asset Management to support both their wholesale and institutional sales teams within EMEA.
Keen to progress into a client facing role, Chris joined Columbia Threadneedle in 2015 as Business Development Manager, tasked with developing, growing and maintaining relationships with a panel of financial advisers, life co’s and key strategic partners across the U.K.
Chris joined Montanaro in 2018.
Qualifications
- BA (Hons) Banking & Financial Management, Sheffield Hallam University.
Personal
Away from work, Chris sits on the members committee at The Lansdowne Club in Mayfair and is constantly looking at ways to improve the experience for its members. Chris is an avid Manchester United fan (yes – one of the few actually from Manchester) and goes to watch the games as often as he can. Chris enjoys the odd game of 5-a-side but feels he is more attuned to playing golf these days. He is also a big horse racing fan with his favourite meet being the Ebor Festival at York.
Chris loves to travel but rarely plans ahead, choosing instead to book last-minute flights to random destinations. He would like to become fluent in French one day and spent the odd summer during university working at Disneyland Paris. Unfortunately we are yet to find a photo of him dressed as Mickey Mouse.
Professional
Henrik completed an MSc in finance and business administration after studying at the University of Linkoping in Sweden and in St. Gallen, Switzerland.
He started his professional career in 2000 at Merrill Lynch where he worked in equity research covering software and IT services companies. In 2001 he joined Lehman Brothers, where he spent 3 years as an Analyst, working on the European banks team.
As the lead Analyst on the Nordic banks he was writing company, sector and thematic reports. After that he spent 4 years at KBW and 3 years at Morgan Stanley, where he besides being the lead Analyst on Nordic banks also covered Emerging Market banks (Turkey and Russia) and wrote European banks strategy reports.
During his time as a bank Analyst he was voted the number one ranked Nordic banks Analyst in Europe. At Morgan Stanley the team also reached the number one position in Europe.
Henrik has responsibility for the Nordic region.
Qualifications
- M.Sc in Finance and Business Administration, University of Linkoping in Sweden and in St. Gallen, Switzerland
- Bilingual in Swedish and English
Personal
After growing up on the West coast of Sweden and living in Switzerland for a year and a half his biggest interests are boating and skiing. These days that boils down to a couple of weeks skiing per year and a little bit of boating in the summer. There is still that dream of spending a season in the Alps. Besides sports Henrik likes to travel. The perfect dream holiday would be to combine these two interest and go skiing in Alaska.
Professional
Ed joined Montanaro Asset Management in 2014 and is Head of Sustainable Investment. He first joined the City in 2007 with a start-up consultancy, before moving into asset management as a Portfolio Manager at Newton Investment Management and then Standard Life.
Ed leads the ESG and impact investment approach at Montanaro and has developed sustainable investment strategies, including the award winning “Montanaro Better World Fund”. He was instrumental in Montanaro achieving B Corporation certification in 2018. He chairs Montanaro’s Sustainability Committee and sits on its Executive Committee.
Ed was elected to the Board of the UK Sustainable Investment and Finance Association (UKSIF) in September 2023. UKSIF comprises a diverse range of 300+ financial services firms with assets under management of £19 trillion, committed to building a leading sustainable finance industry in the UK. Ed also serves as an independent member of the Medical Research Foundation’s Investment Committee, a charity dedicated to advancing medical research, improving human health and changing people’s lives for the better.
He also contributes to the Glasgow Financial Alliance for Net Zero (GFANZ) policy workstream. Previously, Ed Co-Chaired the B Corp Finance & Investment Working Group, collaborating with other financial services firms to promote best practices and initiatives in the sector, attending COP26.
Ed has completed the Sustainable Finance Course at the Cambridge Institute for Sustainability Leadership (CISL) and holds the CFA Institute Certificate in ESG Investing, and The Chartered Institute for Securities & Investment Diploma. He graduated from Durham University with a 2:1 BA (Hons) degree in Theology.
Qualifications
- Durham University, Theology BA (Hons) 2:1
- CFA Institute, Certificate in ESG Investing
- The Chartered Institute for Securities & Investment Diploma
- Sustainable Finance Course - Institute for Sustainability Leadership, University of Cambridge
Personal
Away from work, Ed is kept busy looking after his young family. An avid reader, Ed likes to relax by working his way through an ever-growing reading list. He is interested in the development of new technologies, particularly “AI” and in his spare time has completed Stanford Professor Andrew Ng’s course 'AI for Everyone'. When he can, Ed likes to travel, a highlight being a trip across the Middle East to Egypt, Jordan, Syria and Israel in 2005.